Kyivstar, Ukraine’s largest mobile operator, increased its EBITDA in 2025 by 30% to UAH 27 billion, which is a 25.8% increase in US dollars to $648 million, according to the company’s annual report on Friday.
“We continue to invest in Ukraine’s digital future, maintaining our market leadership and executing our long-term strategy as a digital operator,” Kyivstar CEO and President Alexander Komarov said in the document.
According to the Kyivstar Group Ltd report, the company increased its revenue in 2025 by 30.3% compared to 2024, to UAH 48.2 billion, and in dollars, the growth was 25.9%, to $1.157 billion.
Adjusted net income for 2025 increased by 1.1% to $286 million (in hryvnia, the growth was 3.9%), and earnings per share were $1.32.
At the same time, unadjusted net profit decreased by 56.2% to $124 million (by 54.7% in hryvnia), earnings per share to $0.57, and the difference with the adjusted figures was due to non-cash expenses of $162 million related to the listing of Kyivstar in the third quarter of 2025.
The company specified that in the fourth quarter of last year, it increased EBITDA by 23.1% to UAH 7.2 billion, with revenue growing by 30.1% to UAH 13.5 billion, while in dollars, EBITDA grew by 21.7% to $172 million, and revenue grew by 28.4% to $321 million.
Net profit in the fourth quarter of 2025 decreased by 3.2% to $90 million (by 2.2% in hryvnia).
According to the report, Kyivstar increased its net cash flow from operating activities by 29.8% to $558 million (34.2% in hryvnia) last year, and its capital investments amounted to $351 million, including $128 million in the fourth quarter.
It is noted that revenue from digital platforms in 2025 increased 4.9 times to UAH 5.2 billion, and in dollars, this growth was 4.7 times to $124 million, reaching 10.7% in the revenue structure.
In particular, in the fourth quarter of 2025, revenue from digital platforms jumped 6.4 times to UAH 2.1 billion, or 6.1 times in dollars to $50 million, reaching 15.7% of total revenue.
The number of Kyivstar multiplay customers grew by 18% last year to 7.3 million, or 35% of the number of active mobile customers during one month, while the total number of mobile subscribers decreased from 23 million to 22 million, and the number of fixed-line subscribers increased from 1.1 million to 1.2 million.
At the same time, ARPU for the past year increased by 19.3% to $3.6 (by 23.5% in hryvnia).
The report also states that the total number of monthly active digital users reached 15 million by the end of 2025 (13.5 million in the third quarter). In particular, Uklon had 3.8 million users (3.6 million), Helsi had 2.5 million (2.5 million), KyivstarTV had 2.5 million (2.1 million), and MyKyivstar had 6.2 million (5.2 million).
The online taxi service Uklon, which was consolidated into Kyivstar’s financial statements in April 2025, generated UAH 3.4 billion or $80.2 million in revenue last year, with EBITDA of UAH 1.1 billion or $27.6 million.
In the fourth quarter of 2025, Uklon generated revenue of UAH 1.4 billion or $33.7 million, with EBITDA of UAH 386 million or $9.2 million.
The number of Uklon trips in 2025 amounted to 166.6 million, deliveries – 4.7 million, including 43.6 million and 1.3 million in the fourth quarter.
It is noted that KyivstarTV generated revenue of UAH 351 million, or $8.4 million, in the fourth quarter of 2025, with the number of user sessions increasing by 25.4% to 891 million, and the time spent per user per active day increasing by 6.9% to 257 million.
The Helsi medical information system increased its revenue in the fourth quarter of 2025 by UAH 95 million, or $2.3 million. The number of active specialists and doctors in the program increased by 7.5% to more than 42,000, healthcare facilities by 4% to more than 1,700, appointments made by patients through the platform reached 2.4 million, and the number of solvent customers exceeded 57,000.
In the fourth quarter of 2025, Kyivstar’s big data and cloud services generated UAH 250 million in revenue, up 66.5% from the previous year. The report states that the growth was driven by large-scale products and solutions for big data analytics, advertising technologies (AdTech), cloud productivity and collaboration services, as well as API-based connectivity and data exchange services.
Kyivstar Cloud introduced a range of services enhanced with practical applications of artificial intelligence (AI), as well as an additional service that provides expert advice on adapting AI-based solutions to specific business needs.
The company specified that the number of registered customers of the AdTech Adwisor self-service platform increased from over 3,500 at the end of the third quarter of 2025 to over 3,800 at the end of the year.
Kyivstar expects revenue growth of 15%-18% and EBITDA growth of 12%-15% in hryvnia in 2026, while in dollars – 8%-11% and 5%-8%, respectively.
Capital expenditure intensity for 2026 is expected to be 23%-26% of revenue, compared to 30.3% in 2025.
The company recalled that in February it acquired Tabletki.ua, a leading Ukrainian online platform for the sale of medicines and medical products, for $160 million, and the internet provider Shtorm.
VEON, the majority shareholder of the Kyivstar group, and some other shareholders sold 14.375 million shares at a price of $10.5 per share for a total of $150.9 million as part of a secondary public offering (SPO). As a result, VEON’s stake in Kyivstar decreased from 89.6% to 83.6% following the SPO.
Mykhailo Nestor is stepping down as Director of Digital Products at Kyivstar, Ukraine’s largest mobile operator, after seven years with the company.
“I am happy that I was able to build a product company from scratch with a wonderful team according to the highest standards within a huge (in my opinion, the best in Ukraine) corporation,” Nestor wrote on Facebook.
According to him, he is also leaving his position as Chief Product Officer at the IT company Kyivstar.Tech.
“I did much more than I planned, but, of course, less than I would have liked — there are always more ideas,” Nestor emphasized.
In a comment to DOU, he said that he plans to move into the deftech sphere, but it is not yet known which company he will join.
Nestor’s personal Facebook page notes that from April 2018 to May 2019, he held the position of Product Management at the DreamTeam esports platform, and then in March 2022, he became a co-founder of the KOLO charitable foundation.
Kyivstar, Ukraine’s largest mobile operator, has signed an agreement to acquire 100% of the shares of the digital medical goods service Tabletki.ua (MTPC LLC) for the hryvnia equivalent of $160 million, according to a press release issued by the company on Tuesday.
“We will be able to combine Kyivstar’s successful experience in digital business management and development with Tabletki.ua’s strong foundation to make digital medical services more accessible to a wider audience and ensure the best convenience for everyone,” said Kyivstar President and CEO Alexander Komarov.
Kyivstar Group shares on the Nasdaq rose 2% on Tuesday to $2.5 per share.
According to YouControl, the owners of MTPC LLC are Alexander, Natalia, and Yevgeny Muravshchiki (23%, 23%, and 10%, respectively), Yuri Savin (20%), Vladimir Osmachko (15%), and Vadim Rogatinsky (9%).
In its presentation of the deal, Kyivstar pointed to potential synergies with other businesses in its group: the development of a digital health ecosystem, the enrichment of mobile data to increase user engagement and accessibility.
“Synergy between Kyivstar (telecommunications company), Helsi (largest provider of SaaS services in the field of electronic health), Uklon (delivery), and Tabletki.ua (leading market for medicines) to provide significant benefits to customers,” the document says.
It is noted that the service cooperates with more than 14,000 pharmacies throughout Ukraine and, according to 2025 data, provided 14 million online orders per month.
The operator specified that, according to unaudited management reports, Tabletki.ua’s EBITDA profit grew by 34% to UAH 755 million in the first nine months of 2025, while in 2024 it grew by 86% to UAH 810 million.
In dollar terms, EBITDA increased by 29% over nine months to $18 million, compared to 69.4% in 2024 to $20 million.
The company’s net profit for the first nine months of last year amounted to UAH 682 million ($16 million) compared to UAH 707 million ($17.6 million) for the whole of last year, while the total value of goods (GMV – gross merchandise value) booked through the platform amounted to UAH 43 billion ($1.034 billion) and UAH 45 billion ($1.056 billion), respectively. According to the presentation, 85% of the company’s revenue comes from transactions and subscriptions, while another 12.2% comes from advertising.
Kyivstar specified that as of the end of September 2025, the 12-month (LTM) GMV was UAH 57.3 billion ($1.191 billion), EBITDA was UAH 1 billion ($24 million), and net profit was UAH 836 million ($20 million).
Thus, Tabletki.ua’s EV/EBITDA ratio was 6.7 times, and its P/E ratio was 8 times. In 2025, Kyivstar closed a deal to acquire 97% of Uklon’s corporate rights for $155.2 million, with the EV/EBITDA multiple of that deal being approximately the same.
As reported, at the end of January this year, the Antimonopoly Committee of Ukraine (AMCU) allowed Kyivstar to acquire control over the Tabletki.ua service, although Kyivstar submitted its first application to acquire MTPC back in November 2024.
In the third quarter of 2025, Kyivstar received EBITDA of UAH 7.1 billion, which is 21.5% more than in the third quarter of 2024, and in dollars, the growth was 20.4% – to $171 million.
Possible merger of tower companies Ukraine Tower Company (UTC) and Ukrainian Network Solutions (UNS), which are associated with the largest mobile operators Kyivstar and Vodafone Ukraine, will lead to monopolization and structural imbalance in the telecom market, according to their smaller competitor Lifecell LLC (TM lifecell).
“Given the significant impact on the market and millions of consumers, the agreement should be reviewed openly and transparently, with the involvement of all market participants and the expert community,” the operator said in a press release on Monday, as reported by Interfax-Ukraine.
According to lifecell, such a merger could affect the pace of innovation and weaken the focus on subscriber needs.
The operator also stressed that the potential deal could threaten the security of national communications as a whole and limit investment in Ukraine.
“Excessive concentration of critical infrastructure in one hand may be perceived as a signal of increased risk, deterring investment in the telecommunications sector,” lifecell explained its position.
The company stressed that decisions regarding the possible merger of tower stations must be made with consideration for the long-term consequences for competition, the development of the telecom market, and the country’s security.
At the end of January, it was reported that UTC, the tower business of the telecommunications holding company VEON, which owns Ukraine’s largest mobile operator Kyivstar, is trying to get the Antimonopoly Committee of Ukraine (AMCU) to approve a merger with UNS , the tower asset of the country’s second-largest mobile operator, Vodafone Ukraine.
At that time, Forbes Ukraine explained that the merger of the tower companies VEON and Vodafone Ukraine could be linked to a desire to sell them to a third party on more favorable terms, with a price tag of $300 million.
According to Forbes Ukraine’s calculations, UNS’s revenue for the first nine months of 2025 reached UAH 528.8 million, with annual EBITDA of about $15 million and UTC of UAH 2.1 billion and $50-60 million, respectively.
At the same time, lifecell also has a tower asset: according to YouControl, its revenue for the first nine months of 2025 amounted to UAH 461.0 million, with a net profit of UAH 202.2 million.
According to data from the regulator NCEK, the top three leaders in terms of revenue from telecommunications services for the first nine months of 2025 in Ukraine were mobile operators Kyivstar with UAH 32.35 billion, Vodafone Ukraine (UAH 18.88 billion), and lifecell from the DVL group (UAH 11.58 billion).
According to the results of 2025, Kyivstar, Ukraine’s largest mobile operator, increased its revenue and EBITDA by 24-26%, exceeding the forecast announced in November 2025, according to a press release from telecommunications holding company VEON, the main shareholder of Kyivstar Group with an 89.6% stake.
According to preliminary unaudited estimates, capital expenditures in 2025 are expected to be in the range of 29-31% of revenue.
VEON expects the results to exceed the 2025 forecast published on November 10, 2025, along with the financial results for the third quarter of 2025, the release said.
As reported, Kyivstar served 22.5 million mobile subscribers in the third quarter of 2025, down 3.6% from the previous year, while the number of 4G customers grew by 2.4% to 15 million.
In the third quarter of 2025, the company’s EBITDA was UAH 7.1 billion, which is 21.5% more than in the third quarter of 2024, and in dollars, the growth was 20.4% to $171 million.
In the first half of 2025, Kyivstar increased its EBITDA by 32% to $06 million, while its revenue grew by 28% to $539 million.
In August 2025, Kyivstar Group Ltd. (Nasdaq: KYIV) announced the completion of its listing on the Nasdaq Stock Market LLC (Nasdaq) and the start of trading in the shares of the largest mobile operator Kyivstar under the ticker KYIV.
One of the priority areas for investment by Kyivstar, Ukraine’s largest mobile operator, is currently renewable energy sources (RES), in particular solar and wind energy, as well as energy storage systems, according to the company’s CEO, Alexander Komarov.
“We want to somehow reduce the risk of electricity supply and the risk of price increases, which is the fastest growing element of our operating costs,” Komarov said during a discussion at the Ukrainian House in Davos on the sidelines of the World Economic Forum, according to a correspondent from Interfax-Ukraine.
According to the CEO, the company is also interested in the e-commerce category and is currently looking for suitable offers.
At the same time, Komarov stressed that Kyivstar plans to strengthen its presence in every area in which the company operates.
In the third quarter of 2025, Kyivstar served 22.5 million mobile subscribers, which is 3.6% less than in the previous year, while the number of 4G customers increased by 2.4% to 15 million.
In the third quarter of 2025, the company’s EBITDA was UAH 7.1 billion, which is 21.5% more than in the third quarter of 2024, and in dollars, the growth was 20.4% to $171 million.
The main shareholder of Kyivstar Group, with an 89.6% stake, is the telecommunications holding company VEON, which was its 100% owner before Kyivstar was listed on the stock exchange.
From January 19-22, Ukraine House Davos 2026 is operating in Davos, co-organized by the Victor Pinchuk Foundation, the Ukraine-Moldova American Enterprise Fund, and Horizon Capital.
